S&P Technicals: Seasonally Bearish Times Ahead

Published 07/22/2020, 10:20 AM
Updated 07/09/2023, 06:31 AM
  • SPX Monitoring purposes; Sold 7/21/20 at 3257.30= gain 1.01%; Long SPX on 7/17/20 at 3224.73.
  • Gold Monitoring purposes GOLD: GDX on 7/8/20 at 38.95.
  • Long Term Trend SPX monitor purposes; Short SPX 5/13/20 at 2820.
  • Seasonality turns bearish over the next couple of months and this is a time to be careful.  We did get bullish signs last week and, at the time, we were looking for a possible test of the February high on the S&P 500. That could still happen but the picture has become a little murky.  Today the SPX was up modestly along with the VIX, which is a short-term bearish sign. 

    Daily VIX Technicals

    The SPX just broke above the its June high without a “sign of strength”—another bearish sign.  Sentiment has been horrible for weeks and could have an effect on the market soon.

    Sold long SPX 7/21/20 at 3257.30= gain 1.01%;. 

    Daily CBOE Equity Put/Call Ratio

     

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